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EWH vs. EWL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWH vs. EWL

Last updated Jun 13, 2026

EWH (iShares MSCI Hong Kong ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - EWH is a Asia Pacific Equities fund tracking the MSCI Hong Kong Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, EWH returned 4.79%/yr vs 10.14%/yr for EWL. At a 0.42 correlation, their price movements are largely independent. EWH charges 0.49%/yr vs 0.50%/yr for EWL.

Performance

EWH vs. EWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Hong Kong ETF (EWH) and iShares MSCI Switzerland ETF (EWL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWH achieves a 3.53% return, which is significantly lower than EWL's 4.60% return. Over the past 10 years, EWH has underperformed EWL with an annualized return of 4.79%, while EWL has yielded a comparatively higher 10.14% annualized return.

EWH

1D
0.55%
1M
-10.39%
YTD
3.53%
6M
3.83%
1Y
16.40%
3Y*
7.74%
5Y*
-0.57%
10Y*
4.79%

EWL

1D
-0.30%
1M
1.55%
YTD
4.60%
6M
7.45%
1Y
13.57%
3Y*
12.47%
5Y*
6.50%
10Y*
10.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWH vs. EWL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWH
iShares MSCI Hong Kong ETF		3.53%34.50%0.00%-13.87%-6.81%-3.49%4.17%10.74%-8.76%36.46%
EWL
iShares MSCI Switzerland ETF		4.60%32.92%-2.80%17.67%-18.89%20.20%11.80%31.58%-9.21%23.34%

Correlation

The correlation between EWH and EWL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.43

EWH vs. EWL - Sectors Allocation Comparison

Sectors
EWH
EWL

Financial Services

45.4%
18.6%

Real Estate

18.7%
0.9%

Industrials

16.6%
12.0%

Utilities

11.2%
0.4%

Consumer Cyclical

3.7%
5.4%

Consumer Defensive

2.7%
14.9%

Communication Services

1.7%
1.3%

Basic Materials

-

6.6%

Energy

-

-

Healthcare

-

38.8%

Technology

-

0.9%

Financial Services

EWH
45.4%
EWL
18.6%

Real Estate

EWH
18.7%
EWL
0.9%

Industrials

EWH
16.6%
EWL
12.0%

Utilities

EWH
11.2%
EWL
0.4%

Consumer Cyclical

EWH
3.7%
EWL
5.4%

Consumer Defensive

EWH
2.7%
EWL
14.9%

Communication Services

EWH
1.7%
EWL
1.3%

Basic Materials

EWH

-

EWL
6.6%

Energy

EWH

-

EWL

-

Healthcare

EWH

-

EWL
38.8%

Technology

EWH

-

EWL
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Hong Kong ETF

iShares MSCI Switzerland ETF

Often compared with EWH:
EWH vs. MCHIEWH vs. FXIEWH vs. EWSEWH vs. EWYEWH vs. EWTEWH vs. EWJEWH vs. EPP
Often compared with EWL:
EWL vs. FLSWEWL vs. EWQEWL vs. FSZEWL vs. EWOEWL vs. VTWNXEWL vs. TCIEXEWL vs. IDAP.L

Return for Risk

EWH vs. EWL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWH
EWH Risk / Return Rank: 3131
Overall Rank
EWH Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EWH Sortino Ratio Rank: 3030
Sortino Ratio Rank
EWH Omega Ratio Rank: 2929
Omega Ratio Rank
EWH Calmar Ratio Rank: 2929
Calmar Ratio Rank
EWH Martin Ratio Rank: 3434
Martin Ratio Rank
EWL
EWL Risk / Return Rank: 2626
Overall Rank
EWL Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EWL Sortino Ratio Rank: 2626
Sortino Ratio Rank
EWL Omega Ratio Rank: 2525
Omega Ratio Rank
EWL Calmar Ratio Rank: 2424
Calmar Ratio Rank
EWL Martin Ratio Rank: 2727
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWH vs. EWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Hong Kong ETF (EWH) and iShares MSCI Switzerland ETF (EWL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EWHEWLDifference
Sharpe ratioReturn per unit of total volatility
0.98
0.85

+0.13

Sortino ratioReturn per unit of downside risk
1.46
1.30

+0.16

Omega ratioGain probability vs. loss probability

1.17

1.15

+0.02

Calmar ratioReturn relative to maximum drawdown

1.28

1.01

+0.26

Martin ratioReturn relative to average drawdown

4.57

3.24

+1.33

EWH vs. EWL - Sharpe Ratio Comparison

The current EWH Sharpe Ratio is 0.98, which is comparable to the EWL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of EWH and EWL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWH vs. EWL - Drawdown Comparison

The maximum EWH drawdown since its inception was -66.44%, which is greater than EWL's maximum drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for EWH and EWL.

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Drawdown Indicators

EWHEWLDifference

Max Drawdown

Largest peak-to-trough decline

-66.44%

-51.62%

-14.82%

Max Drawdown (1Y)

Largest decline over 1 year

-12.91%

-13.48%

+0.57%

Max Drawdown (3Y)

Largest decline over 3 years

-24.93%

-13.48%

-11.45%

Max Drawdown (5Y)

Largest decline over 5 years

-41.28%

-28.99%

-12.29%

Max Drawdown (10Y)

Largest decline over 10 years

-42.71%

-28.99%

-13.72%

Current Drawdown

Current decline from peak

-10.39%

-3.63%

-6.76%

Average Drawdown

Average peak-to-trough decline

-19.47%

-11.08%

-8.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

4.22%

-0.62%

Volatility

EWH vs. EWL - Volatility Comparison

iShares MSCI Hong Kong ETF (EWH) and iShares MSCI Switzerland ETF (EWL) have volatilities of 5.23% and 5.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWHEWLDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.23%

5.12%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

12.44%

12.70%

-0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

16.80%

16.09%

+0.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.08%

16.13%

+3.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.59%

16.47%

+3.12%

EWH vs. EWL - Expense Ratio Comparison

EWH has a 0.49% expense ratio, which is lower than EWL's 0.50% expense ratio.

Dividends

EWH vs. EWL - Dividend Comparison

EWH's dividend yield for the trailing twelve months is around 5.02%, more than EWL's 1.63% yield.

PositionTTM20252024202320222021202020192018201720162015
EWH
iShares MSCI Hong Kong ETF		5.02%5.20%4.17%4.28%2.91%2.78%2.56%2.71%2.93%4.35%3.08%2.63%
EWL
iShares MSCI Switzerland ETF		1.63%1.71%2.21%2.12%2.04%1.73%1.45%1.85%2.56%2.05%2.75%2.58%

Frequently Asked Questions

EWH and EWL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWH has higher volatility (5.23%) compared to EWL (5.12%). In terms of maximum drawdown, EWH dropped -66.44% vs EWL's -51.62%.

On 10-year performance, EWL leads with 10.14% vs 4.79% for EWH. On fees, EWH is cheaper at 0.49% per year. On volatility, EWL has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWL has performed better with a 10.14% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWH is cheaper with a 0.49% expense ratio, compared with 0.50% for EWL.

EWH has the higher dividend yield at 5.02%, compared with 1.63% for EWL.

EWH is categorized as Asia Pacific Equities, while EWL is Europe Equities. EWH tracks MSCI Hong Kong Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.49% for EWH and 0.50% for EWL.

EWH currently has the higher Sharpe Ratio (0.98 vs 0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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